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3M Co MMM Stock Quote

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Morningstar‘s Stock Analysis MMM

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Despite Evidence of Potential Recession, We Maintain Our 3M Fair Value Estimate After Mixed Report

Joshua Aguilar Senior Analyst

Analyst Note

| Joshua Aguilar |

Nothing in wide-moat 3M’s latest results materially alters our long-term view of the firm. Management reduced its earnings guidance for full-year 2022 to $10.225 at the midpoint, but we were already modeling adjusted EPS of $10.27, below the prior bottom end of the range. We were, however, caught off guard by the reduced sales guidance. Foreign exchange is a headwind, but even the organic guidance fell 75 basis points at the midpoint. We now model at the top end of the organic sales range, which doesn’t seem like much of a stretch, but we model at the bottom end of the EPS range, which we think is the bigger hurdle. Even so, we maintain our $183 fair value estimate, because the time value of money canceled out the negatives in our model.

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Key Statistics MMM

Company Profile MMM

Business Description

3M is a multinational conglomerate that has operated since 1902, when it was known as Minnesota Mining and Manufacturing. The company is well known for its research and development laboratory and it leverages its science and technology across multiple product categories. As of 2020, 3M is organized into four business segments: safety and industrial, transportation and electronics, healthcare, and consumer. Nearly 50% of the company’s revenue comes from outside the Americas, with the safety and industrial segment constituting a plurality of net sales. Many of the company’s 60,000-plus products touch and concern a variety of consumers and end markets.

3M Center
St. Paul, MN, 55144
T +1 651 733-1110
Industry Conglomerates
Most Recent Earnings Sep 30, 2022
Fiscal Year End Dec 31, 2022
Employees 95,000

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